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ITC set off as per new rules
I have no IGST credit, so do I have to set-off CGST credit towards IGST liability first then against CGST liability or CGST credit would first be utilized towards CGST liability ?
Replies (3)
use old sett off rule portal still not working as per new sett off rule
in your case you can sett off cgst input first towards cgst laibilty
in your case you can sett off cgst input first towards cgst laibilty
“49A. Notwithstanding anything contained in section 49, the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or Union territory tax, as the case may be, only after the input tax credit available on account of integrated tax has first been utilised fully towards such payment.”
Above section clearly says that
"the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or Union territory tax"
which has given the rise to confusion regarding the sequence of set off
Above section clearly says that
"the input tax credit on account of central tax, State tax or Union territory tax shall be utilised towards payment of integrated tax, central tax, State tax or Union territory tax"
which has given the rise to confusion regarding the sequence of set off
good clarification and information
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